TODAY'S MARKET WAS COMPLETELY OUT OF OUR EXPECTATION WE HAD EXPECTED RALLY TILL 7800 OR 7825 BUT NOT BEYOND THAT...!!!
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Nifty
May Series
Except 7950 CE all CE from 7500 to 8000 undergone liquidation during today's Bull run. Only 7950 CE added more than 1870k shares in OI.
On PE front more than 4662k shares were added during today's session but major additions was in 7800 to 7950 PE which is about 8400k shares this means all far OTM PE from 7500 to 7700 undergone liquidation of about 4036k shares today.
Highest OI tag is with 7900 PE & 8000 CE.
June Series
Some liquidations can be seen in 7800 CE but overall more than 211k shares were added today in different CE from 7500 to 8000.
On PE front also good additions of about 2473k shares can be seen in different strike prices from 7500 to 8000.
Highest OI tag is with 7700 PE & 8000 CE.
Bank Nifty
May Series
Except 16900 CE all other CE from 16000 to 17000 CE undergone liquidation. Total liquidation of about 1185k shares took place during today's session on CE front.
More than 751k shares were added during today's session in different strike prices from 16000-17000 but major additions can be seen from 16500-17000 PE which is just little over 1100k shares.
Highest OI tag is with 16000 PE & 17000 CE.
More than 751k shares were added during today's session in different strike prices from 16000-17000 but major additions can be seen from 16500-17000 PE which is just little over 1100k shares.
Highest OI tag is with 16000 PE & 17000 CE.
June Series
Good additions of about 121k shares can be seen in today's in different strike prices from 16000 to 17000.
Huge addition of more than 231k shares was made during today's session by traders in different strike prices from 16000 to 17000 PE.
Highest OI tag is with 15500 PE & 17000 CE
Huge addition of more than 231k shares was made during today's session by traders in different strike prices from 16000 to 17000 PE.
Highest OI tag is with 15500 PE & 17000 CE
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 20.00
(As on 23/05/2016)
MAY SERIES
NIFTY PCR ON BASIS OF OI IS 1.14
BANK NIFTY PCR ON BASIS OF OI IS 1.20
JUNE SERIES
NIFTY PCR ON BASIS OF OI IS 1.01
BANK NIFTY PCR ON BASIS OF OI IS 1.18
FINAL CONCLUSION
Nifty & Bank Nifty
Probably today's move was out of expectation to many including us. But now as highest OI range is contracted to 7900 PE & 8000 CE so it is quite obvious that Nifty may close between this zone tomorrow. But additions in 7950 hints some more bounce till this level. As per our expectation expiry range come between 7925-7960 for Nifty.
Nifty Future Resistance at 7960-8000-8040
Nifty Future Support 7925-7890-7860-7820
Additions 16900 CE hints some more upside but as we have closed above highest CE OI mark so that creates some pressure Bulls to keep Bank Nifty above that mark. As per our view Bank Nifty may expire between 16900-17000 tomorrow.
Bank Nifty Future Resistance at 17045-17090-17145
Bank Nifty Support at 16930-16870
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PLEASE NOTE THESE MOVES ARE AS PER CHARTS AND OPTIONS CHAIN WHICH MAY REVERSE ANYTIME. THIS POST IS FOR EDUCATION PURPOSE ONLY AND NOT TO BE CONSIDERED AS BUYING OR SELLING RECOMMENDATION. WE ARE NOT SEBI REGISTERED RESEARCH ANALYST. WE ARE NOT RESPONSIBLE FOR ANY PROFIT OR LOSS FOR ANY TRADES EXECUTED ON BASIS OF THIS POST. WHILE UTMOST CARE HAS BEEN TAKEN WHILE ANALYSING CHARTS & OPTIONS DATA BUT IF INCASE THERE IS ANY HUMAN ERROR WE ARE APOLOGISE FOR IT.
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ABOUT AUTHOR ~ MANUSH VADHER
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